Litecoin price prediction: Bears eye 73.00 amid descending triangle, bearish RSI


  • Litecoin fails to sustain at higher levels once again on Saturday.
  • Trapped between 100 and 200-HMA, with bias leaning to the downside.  

The fifth most widely traded cryptocurrency, Litecoin, remains on the back foot so far this Saturday, reversing the overnight uptick above 75.50 levels. The bears continue to guard the topside, as the coin loses over 1% over the last 24 hours. Despite the declines, Litecoin enjoys a market capitalization of $ 4.73B, or 1.75% of the total cryptocurrency market cap. 

LTC/USD 1-hour chart

 

From a technical perspective, sellers take back control amid a descending triangle formation spotted on hourly sticks. The downside looks more compelling as it is a bearish continuation pattern. Therefore, a test of the horizontal trend support near 73.00 is on the cards. A breach of the last would confirm a descending triangle breakdown and expose the next support of the upward sloping 200-Hourly Simple Moving Average (HMA) located at 73.60. Further, the hourly Relative Strength Index (RSI) has pierced through the 50 level from above and entered the negative territory, suggesting an extension of the latest leg down.

On the flip side, the immediate resistance is seen at the 100-HMA, now placed at 75.25. The bulls are likely to run into stiff resistances stacked up near 75.50 - the confluence of the descending trendline and the previous hourly tops, should it manage to regain the 100-HMA.

LTC/USD Levels to watch

LTC/USD

Overview
Today last price 74.4332
Today Daily Change -0.7241
Today Daily Change % -0.96
Today daily open 75.1573
 
Trends
Daily SMA20 70.3162
Daily SMA50 75.7959
Daily SMA100 94.5483
Daily SMA200 88.2693
 
Levels
Previous Daily High 77.2342
Previous Daily Low 72.9413
Previous Weekly High 80.2956
Previous Weekly Low 69.5528
Previous Monthly High 106.8665
Previous Monthly Low 62.166
Daily Fibonacci 38.2% 74.5812
Daily Fibonacci 61.8% 75.5943
Daily Pivot Point S1 72.9877
Daily Pivot Point S2 70.818
Daily Pivot Point S3 68.6948
Daily Pivot Point R1 77.2806
Daily Pivot Point R2 79.4038
Daily Pivot Point R3 81.5735

 

 

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